Today, American Express Co. announced that spending on its credit cards increased for the first time this year in October. The announcement is a positive sign for the economy, indicating that consumer may be feeling more confident.
Chairman and CEO Kenneth Chenault said that the amount charged on American Express cards, otherwise knows as “billed business”, rose three percent in October compared with the same month one year ago. After an over-five percent decline in September and over-ten percent decline in August, the news is further evidence of consumer spending’s steady improvement since the spring.
"There are signs that the recession may be approaching an end," said Chenault. Shares of American Express Co. rose 62 cents to $39.67 after the announcement.
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